Group 1 - The company, Changhong Meiling, announced a proposal by Chairman Wu Dinggang to repurchase a portion of its issued A-shares with a budget of 150 million to 300 million RMB [1] - The maximum repurchase price will not exceed 150% of the average trading price of the company's shares over the 30 trading days prior to the board's approval of the repurchase plan [1] - The repurchased shares will be used for purposes allowed by laws and regulations, such as reducing registered capital and implementing equity incentives [1] Group 2 - The repurchase period is set to be within 12 months from the date of the shareholders' meeting that approves the repurchase plan [1] - Chairman Wu Dinggang has not traded the company's shares in the six months prior to the proposal and has committed to voting in favor of the repurchase plan at the board meeting [1]

证券代码：000521 200521 证券简称：长虹美菱 虹美菱 B 长虹美菱股份有限公司投资者关系活动记录表 编号：2025-06 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | 参与单位名称 | 农银汇理基金：仲恒；国泰基金：吴金涛；大成基金：童若琰； | | | 华泰柏瑞基金：凌一童；泰康资产：杨世祥；上银基金：蒋纯文； | | | 长城基金：尹宁；博道基金：钱程；中英人寿：袁野；合远基金： | | | 王旭辉；国信投资：姜超；国联证券：蔡奕娴；天风证券：于雪 | | | 娇；开源证券：吕明；国投证券：余昆、韩星雨；广发证券：高 | | 及人员 | 润鑫；方正证券：吴慧迪；中金证券：张沁仪；申万宏源证券： | | | 刘正；国盛证券：徐程颖；西南证券：龚梦泓；华安证券：唐楚 | | | 彦；中信建投证券：马王杰；海通国泰证券：谢丛睿；华西证券： | | | 喇睿萌；兴业证券：颜晓晴、周庆；中信证券：王文聪等 | | 时间 | ...

Core Insights - Changhong Meiling Co., Ltd. has applied for a patent titled "Refrigerator Cooling Air Duct Component and Its Control Method" with publication number CN 119755882 A, filed on January 2025 [1] - The patent aims to address the high power consumption issue of independently controlled temperature zones in refrigerators by providing a cooling air duct component that includes a cooling air duct, cooling evaporator, cooling fan, and controller [1] Company Overview - Changhong Meiling Co., Ltd. was established in 1996 and is located in Hefei City, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 10,299.23715 million RMB and has made investments in 25 enterprises, participated in 1,139 bidding projects, and holds 4,648 patent records [2]

《多重改革下盈利能力处于上升渠 道，老牌国企再出发—公司首次覆盖 报告》-2025.4.2 ——公司信息更新报告 家用电器/白色家电 长虹美菱（000521.SZ） 2024Q4 费用率持续优化，盈利能力有望重新回升 2025 年 04 月 03 日 投资评级：买入（维持） | 日期 | 2025/4/3 | | --- | --- | | 当前股价(元) | 7.84 | | 一年最高最低(元) | 12.64/6.76 | | 总市值(亿元) | 80.75 | | 流通市值(亿元) | 68.65 | | 总股本(亿股) | 10.30 | | 流通股本(亿股) | 8.76 | | 近 3 个月换手率(%) | 191.2 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 2025-04 长虹美菱 沪深300 相关研究报告 | 吕明（分析师） | | 周嘉乐（分析师） | 陈怡仲（联系人） | | --- | --- | --- | --- | | lvming@kysec.cn | | zhoujiale@kysec.c ...

2025 年 04 月 03 日 长虹美菱(000521.SZ) 外销表现亮眼，分红率提升 长虹美菱公布 2024 年年报。公司 2024 年实现收入 286.0 亿元， YoY+17.3%；实现归母净利润 7.0 亿元，YoY-5.0%；实现扣非归母 净利润 6.9 亿元，YoY-7.3%。经折算，公司 2024Q4 实现收入 58.3 亿元；实现归母净利润 1.7 亿元；实现扣非归母净利润 1.8 亿元 （因口径调整，同比增长数据无法计算）。我们认为，Q4 长虹美菱 外销持续快速增长，内销受以旧换新政策有效提振。 2024 年外销表现亮眼，内销稳步提升：2024 年长虹美菱外销、 内销收入 YoY+34.7%、+9.4%。拉美、中东市场空调需求较好，公 司加快拓展新市场、新客户，2024 年外销收入持续高增长。国内 以旧换新补贴政策刺激白电更新需求释放，公司内销表现平稳。 据产业在线数据显示，Q4 长虹空调内、外销出货量 YoY+231.7%、 +147.9%，美菱冰箱内、外销出货量 YoY+12.3%、+10.4%。我们推 断 Q4 公司空调业务内外销高速增长，冰洗业务内外销快速提升。 展望后续，公司持 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 长虹美菱（000521.SZ） 核心品类增速稳健，货币资金增加 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 286.01 亿 元，同比增长 17.32%；实现归母净利润 6.99 亿元，同比-4.97%。其中， 2024Q4 单季营业总收入为 58.43 亿元，同比增长 12.15%；归母净利润 为 1.69 亿元，同比-28.78%。 分红比例提升。2024 年现金分红预案为向全体股东每 10 股派发现金红利 3.30 元（含税），分红比例 48.6%，同比提升 6.9pct。 核心品类增速稳健，外销快速增长。分品类拆分：2024 年公司冰箱、空 调、洗衣机、小家电及厨卫收入分别同比+5.19%、+33.20%、+31.44%、 -19.34%；分区域拆分：2024 年公司内销、外销增速分别同比增长 9.42%、 34.75%。 盈利能力下滑，非经常性因素影响净利率。毛利率：2024Q4 公司毛利率 12.39%，2024Q4 毛销差同比-0.44pct。费率端：2024Q4 销售/管理/研发 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 长虹美菱（000521.SZ） 核心品类增速稳健，货币资金增加 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 286.01 亿 元，同比增长 17.32%；实现归母净利润 6.99 亿元，同比-4.97%。其中， 2024Q4 单季营业总收入为 58.43 亿元，同比增长 12.15%；归母净利润 为 1.69 亿元，同比-28.78%。 分红比例提升。2024 年现金分红预案为向全体股东每 10 股派发现金红利 3.30 元（含税），分红比例 48.6%，同比提升 6.9pct。 核心品类增速稳健，外销快速增长。分品类拆分：2024 年公司冰箱、空 调、洗衣机、小家电及厨卫收入分别同比+5.19%、+33.20%、+31.44%、 -19.34%；分区域拆分：2024 年公司内销、外销增速分别同比增长 9.42%、 34.75%。 盈利能力下滑，非经常性因素影响净利率。毛利率：2024Q4 公司毛利率 12.39%，2024Q4 毛销差同比-0.44pct。费率端：2024Q4 销售/管理/研发 ...

Group 1 - The audit committee believes that the retrospective adjustment of financial statements related to the merger under common control complies with relevant regulations and accurately reflects the company's financial status and operating results [1][2][3] - The board of directors agrees that the retrospective adjustments are fair and do not harm the interests of the company and all shareholders [2][3] - The supervisory committee confirms that the decision-making process for the retrospective adjustments adheres to legal and regulatory requirements, ensuring no harm to the interests of shareholders, especially minority shareholders [3] Group 2 - The company plans to conduct forward foreign exchange transactions from July 1, 2025, to June 30, 2026, with a maximum transaction balance of $20.09 billion, primarily involving USD, AUD, and EUR [6][7][8] - The purpose of these transactions is to mitigate exchange rate risks associated with the company's growing overseas export business [7][8] - The company will utilize its own or self-raised funds for these foreign exchange transactions [9] Group 3 - The company has identified potential risks associated with the forward foreign exchange transactions, including market risk, receivables forecasting risk, bank default risk, operational risk, and legal risk [9][10][11] - To mitigate these risks, the company has established a comprehensive risk control framework, including strict adherence to operational procedures and the selection of reputable banks for transactions [12][13] Group 4 - The board of directors has approved the application for credit limits from various banks, totaling 8 billion RMB from Bank of Communications, 5 billion RMB from Ping An Bank, and additional amounts from other banks, all with a one-year term [19][20][21][22][23] - The credit facilities are intended to support the company's operational funding needs and enhance its sustainable development capabilities [23] Group 5 - The company has decided to implement a bill pool business to improve the efficiency of its liquid assets and reduce the capital occupied by receivables [26][27][28] - The bill pool business will involve applying for special credit limits from banks, allowing for centralized management of commercial bills [27][29] - The company aims to maximize shareholder value through efficient management of its receivables and cash flow [28][36]

Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].

证券时报·数据宝统计显示，公司今日公布了2024年报，共实现营业收入286.01亿元，同比增长 17.32%，实现净利润6.99亿元，同比下降4.97%，基本每股收益为0.679元，加权平均净资产收益率为 11.18%。 资金面上看，该股今日主力资金净流入43.32万元，近5日主力资金净流出8150.22万元。 4月2日长虹美菱发布2024年度分配预案，拟10派3.3元（含税），预计派现金额合计为3.40亿元。派现额 占净利润比例为48.60%，以该股2024年度成交均价计算，股息率为3.81%。这是公司上市以来，累计第 19次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2024.12.31 | 10派3.3元（含税） | 3.40 | 3.81 | | 2023.12.31 | 10派3元（含税） | 3.09 | 4.76 | | 2022.12.31 | 10派0.9元（含税） | 0.93 | 2.17 | | 2021.12.31 | 10派0.5元（含税） | 0.51 | 1 ...